Those who have health insurance can avail quite a few health insurance tax benefits under IT Act. One can avail the tax benefit under Section 80D on premium paid for the health insurance for your parents, irrespective of the fact that your parents are dependent on the person paying the insurance or not. Tax benefit of up to Rs 30,000 can be availed which includes preventive health check up, irrespective of the fact that one is senior citizen or not. For parents who are senior citizens, Rs 5000 exemption can be enjoyed for preventive health checkup. In case one is above 60 years old and their parents are above 85 years of age, then a tax rebate on health insurance of Rs 65,000 can be enjoyed.
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Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.” Tax benefits applicable if any, will be as per the prevailing tax laws. BFL does NOT provide Tax/Investment advisory services. Tax laws are subject to change.
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